Date: 31/01/2011
No.VAT /AMD-1009/lB/Adm-6
Trade Cir. No. 3T of 2011
Sub: Submission of Audit Report for year 2009-10.
Gentlemen/Sir/Madam,
The representations from various Trade and Association have been received with a request to extend the due date for submission of Audit Report in Form-704. The issue has been examined. Accordingly, it has been decided to extend the due date for submission of the Audit Report in Form 704 for the period 2009-10 from 31st January 2011 to 15th February 2011.
2. In view of this the last date for submission of Audit Report in Form-704 for the period 2009-10 shall be 15th February 2011. Dealers shall be required to submit “the Statement of submission of Audit Report in Form-704” alongwith required documents on or before 25th February 2011.
3. In order to avoid initiation of penalty proceedings, it is mandatory for the dealer to upload Audit Report in Form-704 on or before the 15th February 2011 and submit requisite documents (to authorities referred in Para 4(iii) of the Trade Circular No. 27T of 2009 dated 1st October 2009) on or before 25th February 2011.
4. The Department proposes to take stern action against the dealer who fails to submit correct and complete Audit Report and requisite documents within the aforesaid time period.
5. For removal of doubts, it is hereby clarified that if any additional amount becomes payable as a result of Audit findings and dealer files revised return then the interest shall be calculated as per provisions of the section 30(2) of the MVAT Act, 2002. In other words, this extension, in no way affects the liability to pay interest as per provisions of section 30(2) of the MVAT Act, 2002.
6. Needless to state that no further extension shall be provided for uploading the Audit Report or submission of requisite documents.
7. This circular cannot be made use of for legal interpretation of provisions of law, as it is clarificatory in nature. If any member of the trade has any doubt, he may refer the matter to this office for further clarification.
8. You are requested to bring the contents of this circular to the notice of all the members of your association.
Yours faithfully,
(Sanjay Bhatia)
Commissioner of Sales Tax,
Maharashtra State, Mumbai.
I have uploaded my Form 704 on 14th Feb. What happens if the requisite documents (to authorities referred in Para 4(iii) of the Trade Circular No. 27T of 2009 dated 1st October 2009) on or before 25th February 2011 are not submitted before 25th of Feb?
Please reply asap.